The government will hold a temporary Cabinet meeting on the 18th of this month to review the supplementary budget proposal to be submitted to the National Assembly.
The Prime Minister's Office noted on the 16th, "A temporary Cabinet meeting will be held on the 18th to review the supplementary budget proposal."
Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, stated at the previous day's meeting of economic ministers and the Ministerial Meeting on Industrial Competitiveness that "we will prepare a supplementary budget that increases expenditure by 12 trillion won this year."
The government plans to allocate over 3 trillion won for disaster response, over 4 trillion won for trade response and strengthening artificial intelligence (AI) industry competitiveness, and over 4 trillion won for support for small businesses and vulnerable groups.
According to the Constitution, the government can submit a supplementary budget proposal to the National Assembly after deliberation by the Cabinet when there is a need to change the existing budget. If the National Assembly reviews and approves it, the existing budget will be amended.